All Forum Posts by: Account Closed

This has probably already been covered. I'm going for the lazy question instead of doing research tonight.

Say I have two single family homes. And they both double in price over 10 years. If I sell one, can I do a 1031 to roll that equity into pay off the mortgage on the remaining property?

Or if I had 20 SFHs, and sold 10, can I 1031 each of those to pay off the remaining 10 mortgages.. same question, really, just more properties.

That's funny. I always type this wrong, too:

It's http://www.zilpy.com But I bet ziply.com gets tons of traffic from us.

I have an online dating site.
It barely breaks even. I target nerds.

Definitely -

Find (or create) a Cashflow 101 group on craigslist, meetup.com, or yahoo groups.

You don't need to buy the game to play regularly. I bought cash flow 101 in 2004. I couldn't find any friends that wanted to play it, so I found groups. I was the one that usually ended up bringing 101.

Thanks Taz -

I will research that option. That sounds like the best way to go so far.

Welcome Ulf -

I live not too far from you. I like Pasadena. You have the nicest looking Craftsman homes I've ever seen.

I have pretty much the exact same goals as you. Mine is 20k per month in 7 years. And my outlying areas expand to Nevada and Arizona, which are also more landlord friendly states.

There is an LA group forum that just started here:

http://biggerpockets.com/forums/171

And there is an REI club meeting that looks interesting to me coming up next Thursday. I think it's called the Naked Real Estate Investment Club or something like that. Let me know if you're interested in going, I'll dig up the info and post it.

This site is a great resource. It makes our goals even more challenging, but only because of solid reality checks such as the one Wheatie posted.

I'm in the process of working on a business plan.

I'm trying to figure out the best entity for CA resident/investors that want to invest both in and out of state. I know a California LLC is required to pay 800.00 a year annual tax. I am already doing that with one LLC I own for a non REI business.

Are the California investors here using California LLCs, or perhaps Delaware Series or Nevada LLCs instead?

It looks like the Delaware Series is the way to go for multiple properties. But that I'd still have to pay the 800 per year to California because I reside here.

I am currently shopping for a good attorney, too.

~Matt

Hi Mike -

I see you're in LA. What areas are you thinking about living or investing in?

I smoked about a pack and 1/2 a day for 14 years. I quit in 1996. The secret to quitting is to never quit, quitting. And to change other things, for example if you're used to coffee and cigs in the morning, get your caffeine from Excedrin for a few months.

Most people don't successfully quit the first try. So smoke for a couple more weeks, then quit again. Don't frame that you couldn't quit as a failure. Frame it as a success at moving forward and getting closer.

Find another smoker that wants to quit, and form quitting bets - the first person to smoke after today owes the other person 50.00 bucks. And see who can go the longest. It will get you used to the pattern of quitting.

I probably lost 300.00 that way. The other guy lost more. But after all is said and done. I've been a non-smoker since new years day 1996

I don't know how the credit repair companies work for short cuts. But I do know that if you keep your oldest credit card open to establish a longer credit history, and pay everything on time from now on, and keep your revolving credit line balances low, and don't open a lot of revolving lines of credit, you can have extremely great credit in about 5 to 7 years, higher than 741. More like 780 +